Russia and the Sultanate of Oman signed an agreement to strengthen trade relations, Omani state-media reported on 8 June, focusing specifically on avoiding double taxation.
“The agreement aims to legally protect investors from imposing double taxes and regulate the imposition of tax between the two friendly countries, which will contribute to enhancing investments and trade exchange between them,” Oman News Agency (ONA) said.
The agreement was signed in the presence of the head of Oman’s Tax Authority, Saud bin Nasser al-Shukaili, and Russia’s Deputy Minister of Finance, Alexei Sazanov.
“In 2022, the volume of mutual trade between our countries has already shown growth of 46 percent. It is necessary to further increase trade turnover and strengthen economic cooperation,” the Russian minister was quoted as saying by Reuters.
Russia has recently proposed withdrawing from double taxation agreements with a number of countries that imposed sanctions on Moscow following the start of the Ukraine war.
Double taxation treaties aim to prevent income from being taxed in more than one state. Russia has double taxation treaties with the US, UK, Germany, France, and many others.
Source:The Cradle
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